Hits High-Grade Intersections Up To 90.3 g/t Au In Peru
Palamina Corp. (TSXV:PA) has successfully completed additional sampling in the Veta NE and Veta Zones at the Coasa Gold Project in Peru with the newly discovered Veta NE Zone returning values up to 90.3 g/t Au over 130 m.
The Veta NE Zone is located 500 m NE of the Veta Zone and only two rounds of channel sampling have been carried out to date.
President Andrew Thomson said continued sampling in the Veta Zone returned values up to 17.6 g/t Au over 1.0 m, increased the known width of zone #7 and returned positive infill results in both zone #7 and #8.
“Palamina’s second channel sampling campaign in the newly discovered Veta NE Zone has returned high grade gold values similar to those obtained in the Veta and Cayos Zones to the SW,” Mr Thomson said.
“Palamina has completed construction of its field camp at Coasa while awaiting final permission from the Peruvian government to proceed with a drill program in the Veta Zone.”
During the second exploration campaign of 2020, 55 samples were collected in the Veta NE Zone where 85% of samples were >0.1 g/t Au and 13% > 1 g/t Au. A total of 28 samples were collected in the Veta Zone where 89% of samples were > 0.1 g/t Au and 36% > 1 g/t Au.
Mr Thomson said Palamina has obtained a DIA (environmental impact study) to drill in the Veta Zone which permits up to 40 drill pads. Palamina has planned 12 drill pads in the Veta Zone and may apply to modify its DIA to allocate the balance of 28 drill pads to the Veta NE and Cayos Zones. Palamina has first mover advantage on gold projects in the Puno Orogenic Gold Belt and remains focused on conducting an initial drill discovery program in the Veta Zone at the Coasa Gold Project.